The Verdict Is In: Trump’s Tax Plan A Handout To Corporations, Slap In The Face To Middle Class
April 27, 2017
While it may be completely lacking in details, Trump’s new tax “plan” should worry working Americans. Media analysis in the past day confirms that it is nothing more than a giveaway to the richest Americans and largest corporations. White House officials are running for the hills when pressed on whether the plan will jack up taxes for the middle class.
Upon examination, the only innovation between Trump’s campaign tax plan and this new one is that it’s now formatted in bullet points. No joke.
Here’s what we’ve discovered so far about Trump’s proposal:
1. Trump is expanding giveaways to billionaires and still not helping working families.
New York Times: “Winners And Losers In The Trump Tax Plan.”
“Winners: Businesses with high tax rates…High-income earners…People with creative accountants…Multimillionaires who want to pass money to their heirs tax-free…Donald J. Trump.”
New York Times Editorial: “President Trump’s Laughable Plan to Cut His Own Taxes.”
“Regardless of the plan’s fate, Mr. Trump has already sent a strong message about where his sympathies really lie. They lie not with the working people who elected him, but with the plutocracy that envelops him.”
Vox: “The plan does raise revenue in a few ways, mainly by eliminating almost all personal deductions and exemptions, such as student loan payments and property tax deductions.”
ABC News: “Treasury Secretary Steve Mnuchin can't guarantee middle class wouldn't pay more under tax plan”
2. Trump’s budget-busting plan gives big tax cuts to corporations.
Vox: “The White House plan doesn’t give any indication on how it expects to fill the as much as $7 trillion-plus hole that some experts say his plan could open up in the federal budget over the course of a decade.”
Reuters: “President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted.”
Wall Street Journal: “Trump Tax Plan Likely To Help Real Estate Sector.”
3. Trump’s proposal will give huge rewards to the top 1%
Vox: “Trump is also sticking to his decision to lower the tax rate for owner-operated businesses, known as pass-throughs, from 39.6 to 15 percent…Such reductions would also be a major benefit for Trump, as most of his businesses are pass-throughs.”
NBC News: “The proposed changes to deductions could increase taxes for many middle-income and lower-income taxpayers, including single-parent households and families with multiple children.”
Fresno Bee Editorial: “Trump’s ‘Big’ Tax Plan Is A Giveaway To Big Businesses And Billionaires.”
Time: “There's little question why the plan won a warm welcome on Wall Street.”
Politico: “At the same time, the plan would get rid of some taxes that mostly hit the wealthy, and likely Trump himself, including the estate tax and the alternative minimum tax.”